Independent Minds Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04063982 (England and Wales)

INDEPENDENT MINDS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

L M Cottrell

M N C Kerr-Dineen

J J Watt

SECRETARY:

J J Watt

REGISTERED OFFICE:

10 St George's Terrace

London

NW1 8XH

REGISTERED NUMBER:

04063982 (England and Wales)

CURRENT ASSETS

Debtors

6

115,413

93,754

Cash at bank

3,467

167

118,880

93,921

CREDITORS

Amounts falling due within one year

7

41,336

26,267

NET CURRENT ASSETS

77,544

67,654

TOTAL ASSETS LESS CURRENT LIABILITIES

77,544

67,654

CAPITAL AND RESERVES

Called up share capital

8

210,971

210,971

Share premium

9

1,714,081

1,714,081

Retained earnings

9

(1,847,508

)

(1,857,398

)

SHAREHOLDERS' FUNDS

77,544

67,654

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 March 2020 and were signed on its behalf by:

L M Cottrell - Director

1.	STATUTORY INFORMATION

Independent Minds Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The company is required to and continues to meet the FCA's financial resources criteria. The company fulfils

the 'net asset' requirement under FCA regulations. The directors continue to monitor income and expenditure

on a regular basis and have undertaken to provide any short term funding as required.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to

continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the

going concern basis in preparing the financial statements.

Turnover

Turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of

Value Added Tax. Revenues are recognised when the company has a right to consideration for services

performed.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful

economic life of that asset as follows:

Furniture and fittings - 33% per annum straight line

Computer equipment - 33% per annum straight line

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Transactions in foreign currencies have been translated into sterling at the average rate ruling during the

month in which the transaction occurred. Liabilities and current assets expressed in foreign currencies at the

balance sheet date have been translated into sterling at the rates of exchange ruling at that date. All resultant

differences are dealt with through the profit and loss account.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held

separately from those of the company. The annual contributions are charged to the profit and loss account.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any

contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 July 2018

and 30 June 2019

85,589

53,700

139,289

DEPRECIATION

At 1 July 2018

and 30 June 2019

85,589

53,700

139,289

NET BOOK VALUE

At 30 June 2019

-

-

-

At 30 June 2018

-

-

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

16,895

1,236

Other debtors

26,768

26,768

Prepayments and accrued income

71,750

65,750

115,413

93,754

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

6,903

4,294

Trade creditors

4,083

12,566

Social security and other taxes

65

34

VAT

14,134

2,622

Other creditors

11,112

4,081

Director's loan account

39

170

Accruals and deferred income

5,000

2,500

41,336

26,267

The bank overdraft is unsecured.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

39,110

Ordinary B shares

£0.10

3,911

3,911

1,218

Preference A shares

£170

207,060

207,060

210,971

210,971

The Preference A Shares of £170 each are entitled to a non-cumulative annual dividend of 6% of nominal

value subject to the profitability of the company and any payment being consistent with the maintenance of

adequate capital resources as determined by the FCA.

They are convertible to Ordinary B Shares at a price of £170 per share at the company's option and the

company also has the option to redeem them for cash at any time.

Shares rank pari passu in all other respects. All shares are considered to be and have been classified as equity

instruments.

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 July 2018

(1,857,398

)

1,714,081

(143,317

)

Profit for the year

9,890

9,890

At 30 June 2019

(1,847,508

)

1,714,081

(133,427

)

10.	PENSION COMMITMENTS

The company operates a money purchase pension scheme for the benefit of employees and directors. The assets

of the scheme are held separately from those of the company in an independently administered fund. The

pension cost charge represents contributions payable by the company to the fund and amounts to £13,170

(2018: £28,900) for the year.

11.	RELATED PARTY DISCLOSURES

Included within creditors is an amount of £39 (2018: £170) due to L M Cottrell, director. No interest has been

charged on this balance during the year (2018: £Nil) and there are no set repayment terms.

During the year the company paid execution commissions of £21,500 (2018: £11,500) to Jamestown Research

Ltd. Included within trade creditors is an amount of £564 (2018: £6,067) due to Jamestown Research Ltd. J J

Watt, director, is a shareholder of both Independent Minds Limited and Jamestown Research Ltd.

During the year the company paid execution commissions of £19,500 (2018: £30,500) to Gybe Research Ltd. A

R Hayman is a shareholder of both Independent Minds Limited and Gybe Research Ltd. Included within trade

creditors is an amount of £20 (2018: £Nil) due to A R Hayman.